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Tag: charity

2021 Year-End Tax Planning for Individuals

Written on . Posted in State & Local Tax Services, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under legislation enacted during the past year. The information...

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12 Days of Traditions – Day 9: Joanne Spencer

Written on . Posted in Wiss Gets Personal.

Each year as the season approaches, I have a few traditions that bring out the holiday spirit in me. The first tradition I’d like to share is that I go downtown to Montclair and Newark dressed in an elf hat and deliver gospel tracts with candy canes. I also bake holiday cookies and take them to Penn Station. My second favorite tradition is helping out those in need around this time of year, so I buy and wrap gifts for those who don’t have a roof over their head. I will gift hats,...

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Tax Benefits of Charitable Giving

Written on . Posted in Tax.

By Wiss Associate As the new year is set in motion and you tuck away holiday presents, you may have stumbled upon items that you rarely ever use. Instead of finding additional space for these objects, it can prove to be more beneficial—and profitable—to donate them! If you break down your deductions, a contribution to an eligible philanthropic group can award you a charitable contribution deduction against your income tax.  Normally, you can subtract up to half of your adjusted gross...

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Preparing for Change: New Rules to Impact NJ Renewal Registration for Nonprofits

Written on . Posted in Not For Profit.

By Linda Curro Effective Jan. 1, 2017, New Jersey will require that all charity registrations and annual renewals be submitted digitally, using a new online filing system. In many ways, this is good news: A process that once required up to 75 pages of documents to be sent via snail mail will now go paperless, saving tons of waste. The new system also promises to streamline renewal reviews, enabling the state to more efficiently verify that the forms are completed and accurate. And...

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